Italy PM Letta to tender resignation today

Italian Prime Minister Enrico Letta will meet with President Giorgio Napolitano at 1 p.m. (0700 ET) to tender his resignation a day after his own party voted that he should step down and make way for another government, Reuters reported.

Napolitano, who has the power to name prime ministers or call elections, is widely expected to ask PD leader Matteo Renzi, a rival of Letta, to form a government after holding consultations with the parties in parliament.

Letta is likely to remain in office as caretaker until a new administration is appointed.